U.S. President Barack Obama on Monday applauded the additional sanctions by the European Union ( EU) targeting Iran's oil exports, vowing to continue to impose new sanctions on the Islamic republic over its controversial nuclear program.

"I applaud today's actions by our partners in the European Union to impose additional sanctions on Iran in response to the regime's continuing failure to fulfill its international obligations regarding its nuclear program," the president said in a statement.

"These sanctions demonstrate once more the unity of the international community in addressing the serious threat presented by Iran's nuclear program," he said, adding his country will " continue to impose new sanctions to increase the pressure on Iran. "

Obama signed into law a new set of sanctions on Dec. 31, targeting Iran's central bank and its oil revenues. The Department of Treasury on Monday added Bank Tejarat, Iran's third largest bank, on its blacklist for sanctions, bringing 23 Iranian-linked financial institutions, including all of the country's largest state-owned banks, under U.S. sanctions for their involvement in the republic's "illicit activities."

Earlier the day, the EU decided to ban imports of Iranian crude oil and petroleum products, freeze the assets of the Iranian central bank, and take additional action against Iran's energy, financial and transport sectors.

"We will continue to increase the pressure unless Iran acts to change course and comply with its international obligations," Obama said.

Iran insists on the peaceful nature of its nuclear program, while a Nov. report by the International Atomic Energy Agency pointed to clandestine activities towards bomb making in the country.

The agency is scheduled to send a team to Iran on Jan. 29-31 to "resolve all outstanding substantive issues."

The UN Security Council imposed four rounds of sanctions on Iran, a major oil producer, between 2006 and 2010 for its refusal to halt its nuclear enrichment program, with the U.S. and EU imposing extra sanctions of their own.